Insurance Glossary

Valuable Papers and Records:
An all risk insurance coverage form that provides coverage for
physical loss or damage to valuable papers and records.

Variable Annuity:
An annuity contract in which the amount of each periodic income
payment may fluctuate.

Variable Life Insurance:
Life insurance under which the benefits relate to the value of
assets behind the contract at the time payment is due.

Vesting:
A provision that a pension participant will, after meeting certain
requirements, retain a right to all or part of the accrued benefits,
even though the employee may leave the job before retirement.

Voluntary Market:
The market where one obtains insurance in the open market with
no help from the state, through an insurer of their own selection.

Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.